The following analysis has been used by the
Commission as part of its price adjustment methodology and is
provided here to assist the public in understanding some of the
background factors influencing current market prices.

Crude Track:

Recent Crude (US$/bbl)

WTI

Brent

Mar 1

$ 53.83

$ 56.36

Mar 2

$ 52.61

$ 55.08

Mar 3

$ 53.33

$ 55.90

Mar 6

$ 53.20

$ 56.01

Mar 7

$ 53.14

$
55.92

Mar 8

$ 50.28

$ 53.11

Mar 9

$ 49.28

$ 52.19

Mar 10

$ 48.49

$ 51.37

Mar 13

$ 48.40

$ 51.35

Average
Brent Crude for March:
$ 54.14

West Texas Intermediate

Average

Average

Average

Average

2017

2016

2015

2014

2013

January

$ 52.60

$ 31.78

$ 47.56

$ 94.73

$ 94.70

February

$53.43

$ 30.62

$ 50.78

$100.57

$ 95.50

March

$51.40

$ 37.96

$ 47.87

$100.46

$ 92.73

April

$ 41.12

$ 54.63

$102.15

$ 89.59

May

$ 46.80

$ 59.37

$101.79

$ 94.93

June

$ 48.85

$ 59.76

$105.14

$ 95.76

July

$ 44.95

$ 50.93

$102.39

$104.68

August

$ 44.80

$ 42.89

$ 96.08

$106.49

September

$ 45.23

$ 45.48

$ 93.03

$106.24

October

$ 49.94

$ 46.29

$ 84.52

$100.74

November

$ 45.81

$ 42.94

$ 77.55

$ 94.00

December

$ 52.17

$ 37.33

$ 59.82

$ 97.87

US $
Per Barrel

CDN
Cents
Per Litre

CDN Cents
Per Litre

CDN Cents
Per Litre

CRUDE

RUL

F/O

DIESEL

Mar 10, 2017

$ 48.49

106.6

80.4

117.3

Mar 10, 2016

$ 37.84

85.0

69.6

99.9

YOY Diff.

+10.65

+21.6

+10.8

+17.4

% Change

+28.1%

+25.4%

+15.5%

+17.4%

Commentary:

After having demonstrated relative stability since the
beginning of the year, crude prices dropped between 8-9%
over this past two week period, with WTI now trading below
$50.00 per barrel. A steadily increasing US drill rig
activity, rising US DOE reported crude inventory balances
and indications that Russia was not keeping its commitments
to curb production all combined to trigger an investor
sell-off which served to deflate crude prices over the
latter part of the past two weeks.

With regard to refined
product, adequate inventory levels, a milder than normal
winter relative to furnace oil and diesel and off-season
driving patterns relative to gasoline have served to depress
refined product pricing.

Economic Data:

1. Platts
Inventory Update:

The US Energy Department
("DOE") weekly petroleum inventory assessment, issued March
8, 2017, reported an increase in US crude stocks of
8,209,000 barrels.